Absolutely! and I use it often. In fact, I just used it tonight at a marching band exhibition. Sent a photo via email while at the event to family members who couldn't attend. They were thrilled to seek their kid on the field.
A few weeks ago we were buying drawer pulls, but the store had only two and we needed five. I took photos of the item, whipped out my iPad while at a different store, and found the same product. Mission accomplished.
Earlier this summer my lawnmower was dripping oil. It was easier to take a photo of the oil drip around the engine then to take the mower to the local Sears store. They looked at the photo (which is easy to see on the iPad screen), and said to bring it in at the end of the mowing season so they could fix it under warranty.
Granted, under low light the photos are grainy. But under bright light, the results are pretty good. My iPad's with me just about all of the time and the camera is handy to have.